Bob Porcelli

Equity Resource Investments (ERI) focuses exclusively on equity and debt investments in real estate located in the US and Canada. The firm specializes in assembling capital and sourcing, underwriting and structuring off-market real estate transactions. ERI is a value investor that seeks to identify real estate investments that can be purchased at substantial discounts to the valuations of the underlying assets. Their objective is to exploit structural, cyclical and situational dislocations that create the opportunity for pricing advantage. ERI pursues a variety of investment strategies and considers investments in any property type including office, retail, industrial, multi-family, senior housing and hotels. The firm typically does not require management control or near term liquidity. They believe in rational capital structures that employ the prudent use of financial leverage and create proper alignment of management incentives with their interests as investors. To reduce downside risk, all of ERI's investment vehicles are broadly-diversified across multiple assets, geographies and manager. The firm's investments focus exclusively on the identification, evaluation and execution of opportunistic real estate transactions involving privately-held interests and special situation investments that can be purchased at a discount to underlying asset value. ERI usually serves as a capital partner with a limited role in managing the real estate in which they invest. The firm participates primarily in: (1) secondary acquisitions of limited partnership interests (2) merger transactions (3) partner buyouts/exit funding (4) entity recapitalizations including preferred equity and/or participating debt (5) distressed debt/loan-to-own (6) joint venture equity and (7) sponsorship of equity funding. The firm targets transactions that are expected to deliver an IRR in excess of 20% on realistic underwriting assumptions. ERI targets transactions anticipated to meet this objective while providing holding period distributions equal to a minimum 2 x multiple of invested equity. The firm considers a broad range of transaction sizes and will consider smaller investment amounts, less than $1 million, if the return profile is attractive.